Company registration number SC602269
Castletown Law Limited
Unaudited Financial Statements
for the year ended 31 August 2023
Cavendish Bond
Chartered Accountants
Bentinck House
3 - 8 Bolsover Street
London
W1W 6AB
Castletown Law Limited
Financial statements for the year ended 31 August 2023
Chartered Accountants' report to the board of directors on the preparation of the unaudited financial statements of Castletown Law Limited for the year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006 we have prepared for your approval the financial statements of Castletown Law Limited for the year ended 31 August 2023, which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Castletown Law Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Castletown Law Limited and state those matters that we have agreed to state to the Board of Directors of Castletown Law Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Castletown Law Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Castletown Law Limited has kept adequate accounting records and to prepare financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Castletown Law Limited. You consider that Castletown Law Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Castletown Law Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Cavendish Bond
Chartered Accountants
Bentinck House
3 - 8 Bolsover Street
London
W1W 6AB
20 March 2024
Castletown Law Limited
Financial statements for the year ended 31 August 2023
Balance Sheet
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,261 7,797
Current assets
Debtors 4 312,913 371,501
Cash at bank and in hand 32,694 174,584
345,607 546,085
Creditors: amounts falling due within one year 5 (295,577) (360,445)
Net current assets 50,030 185,640
Total assets less current liabilities 56,291 193,437
Provisions for liabilities (1,566) (1,482)
Net assets 54,725 191,955
Capital and reserves
Called up share capital 1,030 1,030
Profit and loss account 53,695 190,925
Shareholder's funds 54,725 191,955
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the special provisions for small companies within Part 15 of the Companies Act 2006. The company's profit and loss account for the year has not been delivered to the Registrar of Companies.
These financial statements were approved by the board on 19 March 2024 and are signed on its behalf by
A L Renton
Director
Company registration number SC602269
Castletown Law Limited
Financial statements for the year ended 31 August 2023
Notes to the Financial Statements
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, as applicable to companies subject to the small entities regime.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover derives from the rendering of services and is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life as follows:
Computer equipment over 3 years
Office furniture and equipment over 5 years
Debtors
Short term debtors are measured at transaction price less any provision for bad and doubtful debts. Loans and other financial assets are initially recognised at fair value, taking account of any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any impairment losses.
Creditors
Short term creditors are measured at the transaction price. Loans and other financial liabilities are initially recognised at fair value, taking account of any transaction costs, and are subsequently measured at amortised cost using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument those financial instruments are classified as financial liabilities and are presented as such in the balance sheet.

Where the contractual terms of financial instruments do not meet the definition of a financial liability those financial instruments are classified as equity instruments. Dividends and other distributions relating to equity instruments are debited direct to equity.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Computer equipment Office furniture and equipment Total
£ £ £
Cost
At 1 September 2022 13,335 2,460 15,795
Additions 3,521 - 3,521
Disposals (1,509) - (1,509)
At 31 August 2023 15,347 2,460 17,807
Depreciation
At 1 September 2022 7,556 442 7,998
Charge for the year 4,565 492 5,057
On disposals (1,509) - (1,509)
At 31 August 2023 10,612 934 11,546
Net book value
At 31 August 2023 4,735 1,526 6,261
At 31 August 2022 5,779 2,018 7,797
4 Debtors 2023 2022
£ £
Trade debtors 59,760 137,191
Accrued income 154,543 210,815
Other debtors 98,610 23,495
312,913 371,501
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 199,328 206,853
Taxes and social security costs 51,817 84,368
Other creditors 44,432 69,224
295,577 360,445
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 5,380 4,500
7 Other information
Castletown Law Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Forest Lodge
Gosford Road
Longniddry
East Lothian
Scotland
EH32 0LF
Castletown Law Limited SC602269 false 2022-09-01 2023-08-31 2023-08-31 VT Final Accounts October 2023 release 2 A L Renton No description of principal activity SC602269 2021-09-01 2022-08-31 SC602269 core:WithinOneYear 2022-08-31 SC602269 core:ShareCapital 2022-08-31 SC602269 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC602269 core:AllPeriods 2022-08-31 SC602269 2022-09-01 2023-08-31 SC602269 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC602269 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC602269 bus:Director40 2022-09-01 2023-08-31 SC602269 1 2022-09-01 2023-08-31 SC602269 2 2022-09-01 2023-08-31 SC602269 core:PlantMachinery 2022-09-01 2023-08-31 SC602269 core:Vehicles 2022-09-01 2023-08-31 SC602269 countries:England 2022-09-01 2023-08-31 SC602269 bus:FRS102 2022-09-01 2023-08-31 SC602269 bus:FullAccounts 2022-09-01 2023-08-31 SC602269 2023-08-31 SC602269 core:WithinOneYear 2023-08-31 SC602269 core:ShareCapital 2023-08-31 SC602269 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC602269 core:PlantMachinery 2023-08-31 SC602269 core:Vehicles 2023-08-31 SC602269 core:AllPeriods 2023-08-31 SC602269 2022-08-31 SC602269 core:PlantMachinery 2022-08-31 SC602269 core:Vehicles 2022-08-31 iso4217:GBP xbrli:pure